Duff & Phelps Utility and Infrastructure Fund Inc.

N-CSRS 1 d930307dncsrs.htm DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC. Duff & Phelps Utility and Infrastructure Fund Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22533

Duff & Phelps Utility and Infrastructure Fund Inc.

(Exact name of registrant as specified in charter)

10 South Wacker Drive, 19^th Floor

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Alan M. Meder

Duff & Phelps Utility and Infrastructure Fund Inc.

10 South Wacker Drive, 19^th Floor

Chicago, Illinois 60606

Adam D. Kanter

Mayer Brown LLP

1999 K Street, NW

Washington, DC 20006-1101

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-368-5510

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1.

Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

Semi-Annual Report

April 30, 2025

Fund Distributions and Managed Distribution Plan: In June 2015, the Board of Directors (the “Board”) of Duff & Phelps Utility and Infrastructure Fund Inc. (“DPG” or the “Fund”) adopted a Managed Distribution Plan (the “Plan”) which currently provides for the Fund to continue to make a monthly distribution on its common stock of 7.0 cents per share. Under the Plan, the Fund will distribute all available investment income to shareholders, consistent with the Fund’s investment objective. If and when sufficient investment income is not available on a quarterly basis, the Fund will distribute long-term capital gains and/or return capital to its shareholders in order to maintain the steady distribution rate that has been approved by the Board.

If the Fund estimates that it has distributed more than its income and capital gains in a particular period, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

You should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s Managed Distribution Plan.

Whenever a quarterly distribution includes a capital gain or return of capital component, the Fund will provide you with a written statement indicating the sources of the distribution and the amount derived from each source.

The amounts and sources of distributions reported in your quarterly written statements are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment results during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report distributions for federal income tax purposes.

The Board may amend, suspend, or terminate the Managed Distribution Plan without prior notice to shareholders if it deems such action to be in the best interests of the Fund and its shareholders. For example, the Board might take such action if the Plan had the effect of shrinking the Fund’s assets to a level that was determined to be detrimental to Fund shareholders. The suspension or termination of the Plan could have the effect of creating a trading discount if the Fund’s stock is trading at or above net asset value or widening an existing trading discount.

The Managed Distribution Plan is described in a Question and Answer format on your Fund’s website, www.dpimc.com/dpg under the “Dividend and Distributions” tab. The tax characterization of the Fund’s historical distributions can also be found on the website under the “Tax Information” tab.

LETTER TO SHAREHOLDERS

JUNE 12, 2025

Dear Fellow Shareholders:

Board Actions: The Fund declared six monthly distributions in the first half of the 2025 fiscal year. The 7-cent monthly dividend, without compounding, is 84-cents on an annualized basis, which is equal to 6.9% of the April 30, 2025 closing price of $12.22 per share. Please refer to the inside front cover of this report and the portion of this letter captioned “About Your Fund” for important information about the Fund and its Managed Distribution Plan.

Performance Review: For the six months ended April 30, 2025, on a net asset value (“NAV”) basis, the Fund’s total return (income plus change in the NAV of the portfolio) was 8.9% and its market value total return was 10.5%, compared to the Composite Index’s 5.1% total return. The Composite Index is composed of the MSCI USA Utilities Index (net), the MSCI World ex USA Utilities Index (net), the Alerian US Midstream Energy Index, the FTSE All-World Telecommunications Index, and the MSCI World Core Infrastructure Selected GICS^® Index, with each index weighted to reflect the sector allocation of the Fund. The Fund’s five-year annualized total return on NAV was 13.5% through April 30, 2025, in line with the Composite Index, which had a 13.6% annualized total return for that same period. On a market value basis, the Fund had a five-year annualized total return of 14.7% through April 30, 2025.

Total Return¹ For the period indicated through April 30, 2025
	Six Months	One Year	Five Years (annualized)	Ten Years (annualized)
Duff & Phelps Utility and Infrastructure Fund Inc.
Market Value²	10.5%	42.6%	14.7%	4.7%
Net Asset Value³	8.9%	34.4%	13.5%	3.7%
Composite Index⁴	5.1%	24.4%	13.6%	5.7%
MSCI USA Utilities Index (net)⁴	-0.1%	21.0%	9.4%	8.3%
Alerian US Midstream Energy Index⁴	7.8%	30.8%	31.0%	N/A
FTSE All-World Telecommunications Index⁴	7.4%	22.0%	5.4%	2.4%
MSCI World Core Infrastructure Selected GICS^® Index⁴	1.2%	3.4%	N/A	N/A
MSCI World ex USA Utilities Index (net)⁴	15.6%	26.5%	8.9%	5.8%


¹	Past performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods.
²	Total return on market value assumes a purchase of common stock at the closing market price of the last business day of the prior period and a sale at the closing market price on the last business day of each period shown in the table and assumes reinvestment of dividends at the actual reinvestment prices obtained under the terms of the Fund’s dividend reinvestment plan. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses and taxes are not reflected in the above calculations, your total return net of brokerage and tax expense would be lower than the total return on market value shown in the table. Source: Administrator of the Fund.

Total return on NAV uses the same methodology as is described in note 2, but with use of NAV for beginning, ending and reinvestment values. Because the Fund’s expenses (ratios detailed on page 15 of this report) reduce the Fund’s NAV, they are already reflected in the Fund’s total return on NAV shown in the table. NAV represents the underlying value of the Fund’s net assets, but the market price per share may be higher or lower than the NAV. Source: Administrator of the Fund.

⁴

The Composite Index is a composite of the returns of the Alerian US Midstream Energy, MSCI USA Utilities (net), MSCI World ex USA Utilities, MSCI World Core Infrastructure Selected GICS (net), and FTSE All-World Telecommunications Indices, weighted monthly to reflect the stock sector allocation of the Fund based on beginning of month market values. The MSCI World Core Infrastructure Selected GICS Index (net) incepted on November 1, 2020, and thus does not have five- and ten-year return information. The Alerian US Midstream Energy Index was launched June 25, 2018 and therefore does not have ten-year return information. Prior to November 1, 2018, the Composite Index was a composite of the returns of the Alerian MLP, MSCI USA Utilities, MSCI World ex USA Utilities (net), and MSCI World Telecom Indices, weighted monthly to reflect the stock sector allocation of the Fund based on beginning of month market values. The November 1, 2018 change in the indices comprising the Composite Index was discussed in the 2018 Annual Report. The indices are calculated on a total return basis, net of foreign withholding taxes, with dividends reinvested. Indices are unmanaged; their returns do not reflect any fees, expenses, or sales charges; and they are not available for direct investment. Source: Index returns were obtained from MSCI and Morningstar Direct.

The overall equity market environment was volatile in the first half of the Fund’s fiscal year, the six months ended April 30, 2025. Global equity markets were broadly strong through February. In the U.S, the S&P 500 Index hit a number of new, record highs through mid-February. The market pulled back in the later part of February and in March as initial tariffs were enacted by President Trump. The rollout of further tariffs in early April led to a large market decline, with only a partial recovery by the end of April. The Fund’s sectors generally outperformed the broader equity markets, likely due to their more defensive nature and their lower exposure to tariffs.

We noted in our last Letter to Shareholders that we thought a number of European utilities were attractive due to improving fundamentals and low valuations. Market volatility over the last six months may have fostered more appreciation of these factors as the international utilities sector was the best-performing Fund sector, with the benchmark MSCI World ex USA Utilities Index (net) up 15.6%. However, even after this recent run-up, some valuation measures for European utilities as a group are still below long-term averages, and many have supportive fundamentals and attractive yield.

Domestic utilities had surprisingly strong performance in the Fund’s last fiscal year but were the worst-performing of the Fund’s sector in the first half of this fiscal year. The MSCI USA Utilities Index (net) had slightly negative performance over the past six months, although it still outperformed the broader U.S. equity market, as measured by the S&P 500 Index. Domestic utilities continue to enjoy a tailwind from long-term growth in electric demand, creating the need for utility capital investment, which should drive earnings growth. However, investors have grown more concerned over issues such as increased financing costs and customer bill pressure creating regulatory pushback. Possibly of greater concern for investors are changes to the renewable energy federal tax credits, which are currently being debated as part of the budget reconciliation process. Cuts to the credits could significantly raise the cost of renewable energy, likely prompting project delays or cancellation, which could lower utility investment and raise customer rates. The impact of tax credit changes would be even more acute for domestic renewables developers, the largest being NextEra Energy, and for some international utilities active in renewables development in the U.S.

The midstream energy sector has had several years of strong stock performance, making it somewhat vulnerable to changes in investors’ outlook. One blow to investors’ confidence came in the form of tariff developments over the past several months, which created fears of a global economic slowdown that would reduce demand for energy. An even greater hit came from the decision of the group of OPEC+ nations to “flood the market” and rapidly increase crude oil production. Despite these developments over the past several months, early gains kept the performance of the benchmark Alerian US Midstream Energy Index up 7.8% for the first half of the fiscal year.

The global telecom services sector performed well over the past six months as growth remained solid and the sector was viewed as defensive with little exposure to tariffs. Finally, the transportation infrastructure sector was up slightly in the first half of the fiscal year. Domestic railroads were impacted by tariff fears, as we discuss more below, but international airports and toll roads saw growing year-over-year volumes, and their stocks performed well.

Tariff Implications for the Fund: With a few exceptions, the Fund’s sectors saw limited direct impact due to concerns over increased tariffs. Domestic telecom service providers, for example, noted the possibility of a small increase in costs, but also saw a positive pull forward in demand for handsets. Tower companies did not call out significant impacts from tariffs.

In the transportation infrastructure sector, rail roads are probably the most exposed to increased tariffs. Initially, import and export volumes were expected to slow significantly, although this view has now moderated and the actual hard data to date shows volume increases as manufacturers and retailers rushed to import goods ahead of the tariffs. Much of the volume declines are also expected to be in low-margin, intermodal traffic. Despite the threat from tariffs, it appears that overall rail volumes and revenue growth in 2025 should remain positive.

A number of domestic utilities estimated that tariffs, as originally proposed, before mitigation, could increase their overall capex costs by roughly one to three percent. However, those higher costs would normally be recovered in rates over time and would not affect earnings.

Finally, the direct impact of tariffs on the midstream energy sector was estimated to be fairly small. Canadian energy exports were exempted from tariffs. There were countervailing impacts in the export of propane, ethane, and LNG, and these remain in flux. There could also be higher costs to the industry in the form of higher pipe (steel) costs. As noted above, there are fears that tariffs could slow the global economy, lowering the demand for energy and decreasing volumes for U.S. midstream companies. Nevertheless, at least in the short-term, all the tariff concerns have been dwarfed by announced increases in oil production from OPEC+ and investors’ fears of more to come!

Share Repurchase Plan: At its June 2025 meeting, the Board reauthorized the Fund’s share repurchase plan. Under the plan, the Fund is authorized to purchase up to 5% of outstanding shares on a discretionary basis. The plan seeks to enhance shareholder value by purchasing shares in the open market at a discount to NAV, which will result in incremental accretion to the Fund’s NAV. Since the plan’s adoption in June 2024 through April 30, 2025, the Fund purchased 1,461,297 shares, or 3.8% of beginning shares, at an average price of $11.23 per share. The share purchases had a positive five cents per share impact on Fund NAV over the past 12 months.

Board of Directors Meeting: At the regular June 2025 Board meeting, the Board declared a monthly of distribution of 7-cents per share to holders of record of common stock on July 31, 2025; August 29, 2025; and September 30, 2025 with the distributions to be payable on August 11, 2025; September 10, 2025; and October 10, 2025. At the regular March 2025 Board meeting, the Board declared monthly distributions of 7-cent per share to holders of record of common stock on April 30, 2025; May 30, 2025; and June 30, 2025 with the distributions to be payable on May 12, 2025; June 10, 2025; and July 10, 2025.

Issuance of New Leverage and the Impact of Leverage on the Fund: The use of leverage enables the Fund to borrow at short-term rates and invest at potentially higher yields on equity holdings. As of April 30, 2025, the Fund’s leverage consisted of $35 million of floating rate preferred stock and $125 million of floating rate debt. On that date, the total amount of leverage represented approximately 24% of the Fund’s total assets. As outlined in Notes 7 and 8 to the Fund’s financial statements, the Fund’s borrowings and preferred shares pay interest and

dividends based on the three-month term Secured Overnight Financing Rate, and the Overnight Bank Funding Rate, respectively, and rising interest rates increase the cost of the Fund’s leverage.

On May 29, 2025, the Fund issued $25 million of new Series D Floating Rate Mandatory Redeemable Preferred Shares (the “Series D MRP Shares”). The proceeds, along with $10 million of additional borrowing under the Fund’s existing credit facility, were used on May 30, 2025 to redeem the $35 million of outstanding Floating Rate Mandatory Redeemable Preferred Shares, Series C. The total amount of Fund leverage remained unchanged and, as of May 31, 2025, the Fund had $25 million of floating rate preferred stock and $135 million of floating rate debt outstanding.

The amount and type of leverage used by the Fund is reviewed quarterly by the Board based on the Fund’s expected earnings relative to the anticipated costs (including fees and expenses) associated with the leverage. In addition, the long-term expected benefits of leverage are weighed against the potential effect of increasing the volatility of both the Fund’s NAV and the market value of its common stock. The use of leverage increases the benefits to the Fund when equity valuations are rising and conversely, exacerbates the negative impact when equity valuations are falling.

The Federal Open Market Committee (“FOMC”) is the committee within the Federal Reserve that sets domestic monetary policy. At its November 7, 2024 meeting, the FOMC lowered the federal funds rate by 0.25% to a target range of 4.50-4.75%. Since that meeting, the FOMC has remained on hold. Current market expectations are that the committee will further lower the federal funds rate in 2025, although there is fairly wide variation in the number and timing of expected cuts.

If interest rates were to rise in the future, this would generally have a negative impact on income-oriented investments. The negative impact could be mitigated, to some extent, if improved growth accompanied the rising rates. The negative impact of rising interest rates can also potentially be mitigated by an improved outlook for long-term inflation, or by relative sector performance.

The amount and type of leverage employed by the Fund can be modified or eliminated at any time due to the need to meet asset coverage requirements of the leverage or if the Board came to view the long-term expected benefits of the leverage less favorably.

Managed Distribution Plan: As discussed on the inside cover of this Report, the Fund currently operates under a Managed Distribution Plan (the “Plan”) pursuant to which the Fund will make a monthly distribution at a rate of 7-cent per share. As a result of execution on the Plan, the Fund may pay distributions in excess of the Fund’s taxable net investment income and net realized gains. During the most recent fiscal period, the Plan did not have a material impact on the Fund’s investment strategy. Refer to the financial highlights and income tax information section in this report for further information about the Fund’s distributions and its effect on net asset value.

Visit us on the Web—You can obtain more information about the Fund, including the most recent shareholder financial reports and distribution information, at our website, www.dpimc.com/dpg. We appreciate your interest in Duff & Phelps Utility and Infrastructure Fund Inc., and we will continue to do our best to be of service to you.

Eric Elvekrog, CFA, CPA
President and Chief Executive Officer

David Grumhaus
Vice President & Chief Investment Officer

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS
April 30, 2025

(Unaudited)

($ reported in thousands)

Shares	Description	Value
Common Stocks & MLP Interests—130.6%
	■ Airport Services—3.3%
27,600	Aena SME S.A. (Spain)⁽¹⁾	$ 6,922
17,000	Flughafen Zurich AG Registered Shares (Switzerland)⁽¹⁾	4,272
34,000	Grupo Aeroportuario del Centro Norte SAB de C.V. ADR (Mexico)	3,025
119,000	Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico)	2,411
		16,630
	■ Construction & Engineering—0.5%
124,000	GEK TERNA S.A. (Greece)	2,568
	■ Electric Utilities—1.4%
166,000	FirstEnergy Corp. ⁽¹⁾	7,118
	■ Electric, Gas and Water—79.1%
180,390	Alliant Energy Corp. ⁽¹⁾	11,011
125,660	Ameren Corp. ⁽¹⁾	12,471
154,000	American Electric Power Co., Inc. ⁽¹⁾	16,684
111,800	Atmos Energy Corp. ⁽¹⁾	17,958
454,097	CenterPoint Energy, Inc. ⁽¹⁾	17,610
119,500	CMS Energy Corp.	8,801
112,000	DTE Energy Co. ⁽¹⁾	15,344
250,300	Duke Energy Corp. ⁽¹⁾	30,542
251,600	Edison International ⁽¹⁾	13,463
1,774,000	Enel SpA (Italy)	15,362
220,000	Entergy Corp. ⁽¹⁾	18,297
260,000	Evergy, Inc. ⁽¹⁾	17,966
950,000	Iberdrola S.A. (Spain)⁽¹⁾	17,106
443,000	NextEra Energy, Inc.	29,628
1,254,000	Pennon Group plc (United Kingdom)	8,373
1,492,000	PG&E Corp. ⁽¹⁾	24,648
530,235	PPL Corp. ⁽¹⁾	19,354
140,000	Redeia Corp. S.A. (Spain)⁽¹⁾	2,934
446,000	RWE AG (Germany)⁽¹⁾	17,280
204,675	Southern Co. (The) ⁽¹⁾	18,808
430,000	SSE plc (United Kingdom)	9,696

Shares	Description	Value
255,000	Veolia Environnement S.A. (France)⁽¹⁾	$ 9,296
170,300	WEC Energy Group, Inc.	18,651
290,300	Xcel Energy, Inc. ⁽¹⁾	20,524
		391,807
	■ Highways & Railtracks—2.8%
190,000	Ferrovial SE (Netherlands)	9,230
533,000	Transurban Group (Australia)	4,817
		14,047
	■ Integrated Telecommunication Services—2.8%
495,000	AT&T, Inc. ⁽¹⁾	13,711
	■ Multi-Utilities—10.7%
717,000	E.ON SE (Germany)	12,521
818,250	National Grid plc (United Kingdom)	11,810
349,000	NiSource, Inc. ⁽¹⁾	13,649
203,400	Sempra ⁽¹⁾	15,107
		53,087
	■ Oil & Gas Storage, Transportation and Production—25.6%
74,300	Cheniere Energy, Inc. ⁽¹⁾	17,172
61,000	DT Midstream, Inc. ⁽¹⁾	5,929
993,185	Energy Transfer LP ⁽¹⁾	16,427
274,000	Enterprise Products Partners LP	8,193
427,575	MPLX LP ⁽¹⁾	21,776
156,000	ONEOK, Inc. ⁽¹⁾	12,817
422,000	Plains All American Pipeline LP ⁽¹⁾	7,368
91,000	Sunoco LP ⁽¹⁾	5,292
79,668	Targa Resources Corp.	13,615
311,147	Williams Cos., Inc. (The) ⁽¹⁾	18,224
		126,813
	■ Railroads—3.5%
35,000	Canadian National Railway Co. (Canada)	3,390

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025

(Unaudited)

($ reported in thousands)

Shares	Description	Value
66,500	Canadian Pacific Kansas City Ltd. (Canada)	$ 4,830
127,000	CSX Corp. ⁽¹⁾	3,565
24,800	Union Pacific Corp. ⁽¹⁾	5,348
		17,133
	■ Telecom Tower REITs—0.9%
19,000	American Tower Corp. ⁽¹⁾	4,283
	Total Common Stocks & MLP Interests (Cost $531,608)	647,197
TOTAL INVESTMENTS—130.6% (Cost $531,608)		647,197
	Secured borrowings—(25.2)%	(125,000)
	Mandatory Redeemable Preferred Shares at liquidation value—(7.1)%	(35,000)
	Other assets less other liabilities—1.7%	8,275
NET ASSETS APPLICABLE TO COMMON STOCK—100.0%		$ 495,472

⁽¹⁾	All or a portion of the security is segregated as collateral for borrowings. The value of securities segregated as collateral is $292,105.

The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common stock of the Fund.

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025

(Unaudited)

($ reported in thousands)

The Fund’s investments are carried at fair value which is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

Level 3—significant unobservable inputs (including the Investment Adviser’s Valuation Committee’s own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value each of the Fund’s investments at April 30, 2025:

	Level 1
Common stocks & MLP interests	$647,197
Total investments	$647,197

There were no Level 2 or Level 3 priced securities held at April 30, 2025 and there were no transfers into or out of Level 3 related to securities held at April 30, 2025.

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2025

(Unaudited)

SECTOR ALLOCATION*

COUNTRY WEIGHTINGS*

CURRENCY EXPOSURE*

* Percentages are based on total investments rather than net assets applicable to common stock.

Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	United Kingdom Pound Sterling
MXN	Mexican Peso
USD	United States Dollar

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

STATEMENT OF ASSETS AND LIABILITIES

April 30, 2025

(Unaudited)

(Reported in thousands except shares and per share amounts)

Assets:
Investments at value (cost $531,608)	$647,197
Foreign currency at value (cost $—¹)	2
Cash	9,435
Receivables:
Investment securities sold	1,880
Dividends	554
Tax reclaims	473
Prepaid expenses	51
Total assets	659,592
Liabilities:
Secured borrowings (Note 8)	125,000
Payables:
Common shares repurchased	140
Dividend distributions on common stock	2,571
Investment advisory fees (Note 3)	531
Administrative fees (Note 3)	50
Interest on secured borrowings (Note 8)	563
Interest on floating rate mandatory redeemable preferred shares (Note 7)	190
Accrued expenses	90
Floating rate mandatory redeemable preferred shares (liquidation preference $35,000, net of deferred offering costs of $15 (Note 7)	34,985
Total liabilities	164,120
NET ASSETS APPLICABLE TO COMMON STOCK	$495,472
CAPITAL:
Common stock ($0.001 par value; 596,000,000 shares authorized and 36,720,443 shares issued and outstanding)	$ 37
Additional paid-in capital	367,800
Total distributable earnings (accumulated losses)	127,635
Net assets applicable to common stock	$495,472
NET ASSET VALUE PER SHARE OF COMMON STOCK	$ 13.49


¹	Amount is less than $500 (not in thousands).

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED April 30, 2025

(Unaudited)

($ reported in thousands)

INVESTMENT INCOME:
Dividends (less foreign withholding tax of $188)	$11,009
Less return of capital distributions (Note 2)	(2,325)
Total investment income	8,684
EXPENSES:
Investment advisory fees (Note 3)	3,200
Administrative fees (Note 3)	241
Interest expense and fees on secured borrowings (Note 8)	3,308
Interest expense and amortization of deferred offering costs on preferred shares (Note 7)	1,187
Reports to shareholders	109
Professional fees	100
Directors’ fees (Note 3)	36
Accounting agent fees	24
Custodian fees	9
Transfer agent fees	6
Other expenses	63
Total expenses	8,283
Net investment income (loss)	401
REALIZED AND UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investments	31,211
Net realized gain (loss) on foreign currency transactions	(31)
Net realized gain (loss) on written options	548
Net change in unrealized appreciation / depreciation on investments and foreign currency translation	8,466
Net change in unrealized appreciation / depreciation on written options	(289)
Net realized and unrealized gain (loss)	39,905
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON STOCK RESULTING FROM OPERATIONS	$40,306

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

STATEMENTS OF CHANGES IN NET ASSETS

($ reported in thousands)

	For the six months ended April 30, 2025 (Unaudited)	For the year ended October 31, 2024
OPERATIONS:
Net investment income (loss)	$ 401	$ (553)
Net realized gain (loss)	31,728	42,749
Net change in unrealized appreciation / depreciation	8,177	100,192
Net increase (decrease) in net assets applicable to common stock resulting from operations	40,306	142,388
DISTRIBUTIONS TO COMMON STOCKHOLDERS:
Net investment income and capital gains	(401) ^*	(12,668)
In excess of net investment income	(15,141) ^*	—
Return of capital	—	(21,909)
Decrease in net assets from distributions to common stockholders (Note 6)	(15,542)	(34,577)
From Capital Share Transactions
Common shares repurchased (Note 9) (596,142 and 865,155 shares, respectively)	(7,061)	(9,345)
Increase (Decrease) in net assets from capital share transactions	(7,061)	(9,345)
Total increase (decrease) in net assets	17,703	98,466
TOTAL NET ASSETS APPLICABLE TO COMMON STOCK:
Beginning of period	477,769	379,303
End of period	$495,472	$477,769


*	Allocations to net investment income, net realized gain and/or return of capital will be determined at fiscal year end.

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED April 30, 2025

(Unaudited)

($ reported in thousands)


Increase (Decrease) in cash
Cash flows provided by (used in) operating activities:
Net increase (decrease) in net assets resulting from operations	$ 40,306
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Proceeds from sale of long-term investments	144,430
(Increase) Decrease in investment securities sold receivable	(1,880)
Purchases of long-term investments	(117,590)
Net (purchases) or sales of money market mutual funds	3,831
Net change in unrealized (appreciation)/depreciation on investments	(8,436)
Net change in unrealized (appreciation)/depreciation on written options	289
Net realized (gain)/loss on investments	(31,211)
Net realized (gain)/loss from written options	(548)
Return of capital distributions on investments	2,325
Proceeds from litigation settlements	153
Net proceeds from written options	85
Amortization of deferred offering costs on mandatory redeemable preferred shares	23
(Increase) Decrease in tax reclaims receivable	113
(Increase) Decrease in dividends receivable	300
(Increase) Decrease in prepaid expenses	(31)
Increase (Decrease) in interest payable on secured borrowings	(69)
Increase (Decrease) in interest payable on mandatory redeemable preferred shares	(15)
Increase (Decrease) in affiliated expenses payable	(15)
Increase (Decrease) in non-affiliated expenses payable	(3)
Cash provided by (used in) operating activities	32,057
Cash provided by (used in) financing activities:
Common shares repurchased	(7,036)
Cash distributions paid to shareholders	(15,584)
Cash provided by (used in) financing activities:	(22,620)
Net increase (decrease) in cash	9,437
Foreign currency at beginning of period	— ^(a)
Cash and foreign currency at end of period	$ 9,437
^(a) Amount is less than $500 (not in thousands).

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

STATEMENT OF CASH FLOWS (Continued)

FOR THE SIX MONTHS ENDED April 30, 2025

(Unaudited)

($ reported in thousands)


Supplemental cash flow information:
Cash paid during the period for interest expense on secured borrowings	$3,377
Cash paid during the period for interest expense on floating rate mandatory redeemable preferred shares	$1,179

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

FINANCIAL HIGHLIGHTS—SELECTED PER SHARE DATA AND RATIOS

The table below provides information about income and capital changes for a share of common stock outstanding throughout the periods indicated (excluding supplemental data provided below):

	For the six months ended April 30, 2025 (Unaudited)	For the year ended October 31,
	For the six months ended April 30, 2025 (Unaudited)	2024	2023	2022	2021	2020
PER SHARE DATA:
Net asset value, beginning of period	$ 12.80	$ 9.93	$ 12.20	$ 13.93	$ 12.11	$ 16.40
Net investment income (loss)	0.01	(0.01)	(0.04)	0.12	0.12	0.22
Net realized and unrealized gain (loss)	1.08	3.76	(0.97)	(0.45)	3.10	(3.11)
Net increase (decrease) from investment operations applicable to common stock	1.09	3.75	(1.01)	(0.33)	3.22	(2.89)
Distributions on common stock:
Net investment income	(0.01)	(0.33)	(0.03)	(0.12)	—	(0.71)
In excess of net investment income	(0.41)	—	—	—	—	—
Return of capital	—	(0.58)	(1.23)	(1.28)	(1.40)	(0.69)
Total distributions	(0.42)	(0.91)	(1.26)	(1.40)	(1.40)	(1.40)
Anti-dilutive impact of share repurchase program (Note 9)	0.02	0.03	—	—	—	—
Net asset value, end of period	$ 13.49	$ 12.80	$ 9.93	$ 12.20	$ 13.93	$ 12.11
Market value, end of period	$ 12.22	$ 11.46	$ 8.27	$ 13.26	$ 14.26	$ 10.20
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON STOCK:
Operating expenses	3.44%*	4.08%	4.12%	2.51%	2.27%	2.82%
Operating expenses, without leverage	1.56%*	1.61%	1.66%	1.62%	1.62%	1.67%
Net investment income (loss)	0.17%*	(0.13)%	(0.35)%	0.85%	0.88%	1.59%
SUPPLEMENTAL DATA:
Total return on market value⁽¹⁾	10.52%	51.60%	(30.11)%	3.04%	55.26%	(25.95)%
Total return on net asset value⁽¹⁾	8.88%	39.57%	(9.21)%	(2.67)%	27.62%	(17.42)%
Portfolio turnover rate	18%	54%	32%	50%	45%	50%
Net assets applicable to common stock, end of period (000’s omitted)	$495,472	$477,769	$379,303	$464,928	$529,152	$459,201
Secured borrowing outstanding, end of period (000’s omitted)	$125,000	$125,000	$125,000	$155,000	$170,000	$130,000
Asset coverage on secured borrowings⁽²⁾	$ 5,244	$ 5,102	$ 4,314	$ 4,258	$ 4,348	$ 5,148
Mandatory redeemable preferred shares, end of period (000’s omitted)⁽³⁾	$ 35,000	$ 35,000	$ 35,000	$ 40,000	$ 40,000	$ 80,000
Asset coverage on mandatory redeemable preferred shares⁽⁴⁾	$ 102	$ 100	$ 84	$ 85	$ 88	$ 80
Asset coverage ratio on total leverage (secured borrowings and mandatory redeemable preferred shares), end of period⁽⁵⁾	410%	399%	337%	338%	352%	319%


^*	Annualized.
⁽¹⁾	Total return on market value assumes a purchase of common stock at the closing market price of the last business day of the prior period and a sale at the closing market price on the last business day of each period shown in the table and assumes reinvestment of dividends at the actual reinvestment prices obtained under the terms of the Fund’s dividend reinvestment plan. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund shares. In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses and taxes are not reflected in the above calculations, your total return net of brokerage and tax expense would be lower than the total return on market value shown in the table. Total return on net asset value uses the same methodology, but with the use of net asset value for beginning, ending and reinvestment values.
⁽²⁾	Represents value of net assets applicable to common stock plus the secured borrowings and mandatory redeemable preferred shares (“preferred shares”) outstanding at period end divided by the secured borrowings outstanding at period end, calculated per $1,000 principal amount of borrowing. The rights of debt holders are senior to the rights of the holders of the Fund’s common and preferred shares.
⁽³⁾	The Fund’s preferred shares are not publicly traded.
⁽⁴⁾	Represents value of net assets applicable to common stock plus secured borrowings and preferred shares outstanding at period end divided by the secured borrowings and preferred shares outstanding at period end, calculated per $25 liquidation preference per share of preferred shares.
⁽⁵⁾	Represents value of net assets applicable to common stock plus secured borrowings and preferred shares outstanding at period end divided by the secured borrowings and preferred shares outstanding at period end.

The accompanying notes are an integral part of these financial statements.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

NOTES TO FINANCIAL STATEMENTS
April 30, 2025

(Unaudited)

Note 1. Organization

Duff & Phelps Utility and Infrastructure Fund Inc. (“DPG” or the “Fund”) was incorporated under the laws of the State of Maryland on March 15, 2011. The Fund commenced operations on July 29, 2011, the date on which its initial public offering shares were issued, as a non-diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to seek total return, resulting primarily from (i) a high level of current income, with an emphasis on providing tax-advantaged dividend income, and (ii) growth in current income, and secondarily from capital appreciation.

Note 2. Significant Accounting Policies

The Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification (“ASC”) Topic 946 applicable to Investment Companies.

The following are the significant accounting policies of the Fund:

A. Investment Valuation: Equity securities traded on a national or foreign securities exchange or traded over-the-counter and quoted on the NASDAQ Stock Market are valued at the last reported sale price or, if there was no sale on the valuation date, then the security is valued at the closing bid price, in each case using valuation data provided by an independent pricing service, and are generally classified as Level 1. Equity securities traded on more than one securities exchange shall be valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities and are classified as Level 1. If there was no sale on the valuation date, then the security is valued at the closing bid price of the exchange representing the principal market for such securities. Exchange traded options are valued at the last posted settlement price on the market where such option is principally traded and are classified as Level 1. If an option is not traded on valuation date, the option will be fair valued, and classified as Level 2. The Fund’s Board of Directors has designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. Any securities for which it is determined that market prices are unavailable or unreliable are fair valued using the Investment Adviser’s Valuation Committee’s own assumptions and are classified as Level 2 or 3 based on the valuation inputs.

B. Investment Transactions and Investment Income: Security transactions are recorded on the trade date. Realized gains and losses from sales of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income and expense are recognized on the accrual basis.

The Fund’s investments include master limited partnerships (“MLPs”) which make distributions that are primarily attributable to return of capital. Dividend income is recorded using management’s estimate of the percentage of income included in the distributions received from the MLP investments based on their historical dividend results. Distributions received in excess of this estimated amount are recorded as a reduction of cost of investments (i.e., a return of capital). The actual amounts of income and return of capital components of its distributions are only

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025

(Unaudited)

determined by each MLP after its fiscal year-end and may differ from the estimated amounts. For the six months ended April 30, 2025, the Fund estimated that 100% of the MLP distributions received would be treated as a return of capital.

C. Income Taxes: It is the Fund’s intention to comply with requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies and to distribute substantially all of its taxable income and capital gains to its shareholders. Therefore, no provision for federal income or excise taxes is required.

The Fund may be subject to foreign taxes on income or gains on investments, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after they are filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

D. Foreign Currency Translation: Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts at the rate of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

E. Derivative Financial Instruments: Disclosures on derivative instruments and hedging activities are intended to improve financial reporting for derivative instruments by enhanced disclosure that enables the investors to understand how and why a fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a fund’s results of operations and financial position. Summarized below is a specific type of derivative instrument used by the Fund.

Options

The Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to write (sell) covered call options, in an attempt to manage such risk and with the purpose of generating realized gains. A call option on a security is a contract that gives the holder of such call option the right to buy the security underlying the call option from the writer of such call option at a specified price (strike price) at any time during the term of the option. A covered call option is an option written on a security held by the Fund.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025

(Unaudited)

When a call option is written (sold), the Fund receives a premium (or call premium) from the buyer of such call option and records a liability to reflect its obligation to deliver the underlying security upon the exercise of the call option at the strike price.

Changes in the value of the written options are included in “Net change in unrealized appreciation / depreciation on written options” on the Statement of Operations. “Net realized gain (loss) on written options” on the Statement of Operations will include the following: (a) premiums received from holders on options that have expired, and (b) the difference between the premium received and the amount paid to repurchase an open option, including any commission. Premiums from options exercised are added to the proceeds from the sale of the underlying security in order to determine the net realized gain or loss on the security.

F. Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Note 3. Agreements and Management Arrangements

($ reported in thousands)

A. Adviser: The Fund has an Advisory Agreement with Duff & Phelps Investment Management Co. (the “Adviser” or “DPIM”), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”). The Adviser receives a monthly fee at an annual rate of 1.00% of Average Weekly Managed Assets, which is defined as the average weekly value of the total assets of the Fund minus the sum of all accrued liabilities of the Fund (other than the aggregate amount of any outstanding borrowings or other indebtedness constituting financial leverage).

B. Administrator: The Fund has an Administration Agreement with Virtus Fund Services, LLC (the “Administrator”), an indirect, wholly owned subsidiary of Virtus. The Administrator receives a monthly fee at an annual rate of 0.10% of the average weekly net assets of the Fund.

C. Directors: The Fund pays each director not affiliated with the Adviser an annual fee. Total fees paid to directors for the six months ended April 30, 2025 were $36.

Note 4. Investment Transactions

($ reported in thousands)

Purchases and sales of investment securities for the six months ended April 30, 2025 were $117,590 and $144,430, respectively.

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025

(Unaudited)

Note 5. Derivatives Transactions

($ reported in thousands)

The Fund’s investments in derivatives may represent economic hedges; however, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which the Fund was invested during the reporting period, refer to Note 2E above. During the six months ended April 30, 2025, the Fund wrote call options on individual stocks held in its portfolio of investments to enhance returns while forgoing some upside potential. The risk in writing call options is that the Fund gives up the opportunity for profit if the market price of the referenced security increases and the option is exercised. All written options have a primary risk exposure of equity price associated with them.

For the six months ended April 30, 2025, the average quarterly premiums received for written options was $178.

The following is a summary of the derivative activity reflected in the financial statements for the six months ended April 30, 2025:

Statement of Assets and Liabilities		Statement of Operations
Assets: None	$—	Net realized gain (loss) on written options	$ 548
Liabilities: Written options at value	—	Net change in unrealized appreciation / depreciation on written options	(289)
Net asset (liability) balance	$—	Total realized and unrealized gain (loss)	$ 259

There were no derivatives held as of April 30, 2025.

Note 6. Distributions and Tax Information

($ reported in thousands except per share amounts)

At April 30, 2025, the approximate federal tax cost and aggregate gross unrealized appreciation (depreciation) were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
	$529,990		$129,825		$(12,618)		$117,207

The Fund has capital loss carryovers available to offset future realized gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended October 31, 2024, the Fund’s capital loss carryovers are as follows:

Short-Term		Long-Term
$—		$1,110

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025

(Unaudited)

The Fund declares and pays distributions on its common shares of a stated amount per share. Subject to approval and oversight by the Fund’s Board of Directors, the Fund seeks to maintain a stable distribution level (a Managed Distribution Plan) consistent with the Fund’s primary investment objective. If and when sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return capital in order to maintain the 7.0 cents per common share distribution level. The character of distributions is determined in accordance with federal tax regulations, which may differ from U.S. generally accepted accounting principles.

Note 7. Floating Rate Mandatory Redeemable Preferred Shares

($ reported in thousands except per share amounts)

In 2015, the Fund issued 4,000,000 Floating Rate Mandatory Redeemable Preferred Shares (“MRP Shares”) in three series each with a liquidation preference of $25.00 per share. Proceeds from the issuances were used to reduce the size of the Fund’s credit facility.

On April 20, 2020, the Fund voluntarily redeemed all 800,000 of its outstanding Series A MRP Shares, on October 22, 2021, the Fund voluntarily redeemed all 1,600,000 of its outstanding Series B MRP Shares, and on July 14, 2023, the Fund voluntarily redeemed 200,000 of its outstanding Series C MRP Shares.

Key terms of Series C MRP Shares at April 30, 2025 are as follows:

Series

Shares
Outstanding

Liquidation
Preference

Quarterly Rate
Reset

Rate

Weighted Daily
Average Rate

Mandatory
Redemption
Date

1,400,000

$35,000

3M Term SOFR + 2.21%

6.51%

6.62%

8/24/2025

SOFR - Secured Overnight Financing Rate

The Fund incurred costs in connection with the issuance of the MRP Shares. These costs were recorded as a deferred charge and are being amortized over the respective life of each series of MRP Shares. Amortization of these deferred offering costs of $23 is included under the caption “Interest expense and amortization of deferred offering costs on preferred shares” on the Statement of Operations, and the unamortized balance is deducted from the carrying amount of the MRP Shares under the caption “Floating rate mandatory redeemable preferred shares” on the Statement of Assets and Liabilities.

Holders of the MRP Shares are entitled to receive quarterly cumulative cash dividend payments on the first business day following each quarterly dividend date, which is the last day of each of March, June, September and December.

MRP Shares are subject to optional and mandatory redemption by the Fund in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends plus, in some cases, an early redemption premium (which may vary based on the date of redemption). The MRP Shares are not listed on any exchange or automated quotation system. The fair value of the MRP Shares is estimated to be their liquidation preference. The MRP Shares are categorized as Level 2 within the fair value hierarchy. The Fund is subject to certain restrictions relating to the MRP Shares such as maintaining

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025

(Unaudited)

certain asset coverage, effective leverage ratio and overcollateralization ratio requirements. Failure to comply with these restrictions could preclude the Fund from declaring any distributions to common shareholders and could trigger the mandatory redemption of the MRP Shares.

In general, the holders of the MRP Shares and of the Common Stock have equal voting rights of one vote per share. The holders of the MRP Shares are entitled to elect two members of the Board of Directors, and separate class votes are required on certain matters that affect the respective interests of the MRP Shares and the Common Stock.

Note 8. Secured Borrowings

($ reported in thousands)

The Fund has a Master Margin Loan Agreement (the “Agreement”) with a commercial bank (the “Bank”) that allows the Fund to borrow cash from the Bank, up to a limit of $150,000 (the “Commitment Amount”). Cash borrowings under the Agreement are secured by assets of the Fund that are held with the Fund’s custodian in a separate account. Interest is charged at Overnight Bank Funding Rate (“OBFR”) plus an additional percentage rate on the amount borrowed, and commitment fees are charged on the undrawn balance, if less than 75% of the Commitment Amount is borrowed at a given time. For the six months ended April 30, 2025, the Fund had average daily borrowings of $125,000 with a weighted average daily interest rate of 5.26%. For the same period, no commitment fees were incurred. At April 30, 2025, the Fund had outstanding borrowings of $125,000 at a rate of 5.18%.

Note 9. Share Repurchase Program

($ reported in thousands except per share amounts)

At its regular June 2024 meeting, the Board adopted a share repurchase program that seeks to enhance shareholder value by purchasing shares of the Fund in the open market at a discount to net asset value (“NAV”). Pursuant to the program, the Fund is authorized to purchase, on a discretionary basis, up to 5% of the Fund’s outstanding shares through June 30, 2025. The Fund began buying shares pursuant to the program on June 24, 2024. From the period of June 24, 2024 through October 31, 2024, the Fund repurchased 865,155 shares at an average price per share (including commissions) of $10.8013. From the period of November 1, 2024 through April 30, 2025, the Fund repurchased 596,142 shares at an average price per share (including commissions) of $11.8447. As of April 30, 2025, there are 447,790 remaining shares that are authorized to be purchased under the repurchase program.

Note 10. Indemnifications

Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC.

NOTES TO FINANCIAL STATEMENTS (Continued)

April 30, 2025

(Unaudited)

occurred. However, the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.

Note 11. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that the following events require recognition or disclosure in these financial statements.

On May 30, 2025, the Fund voluntarily redeemed its remaining 1,400,000 issued and outstanding Series C MRP Shares at a liquidation preference of $25.00 per share and accumulated but unpaid dividends and distributions. The redemption of the Series C MRP Shares was funded by the Fund’s issuance of 1,000,000 Floating Rate Mandatory Redeemable Preferred Shares, Series D (“Series D MRP Shares”) and borrowing $10 million under the Fund’s existing Master Margin Loan Agreement. The issuance of Series D MRP Shares and additional borrowing under the Master Margin Loan Agreement occurred on May 29, 2025.

The 1,000,000 Series D MRP Shares were issued at a liquidation value of $25.00 per share, par value of $0.001 per share, with a maturity of May 29, 2030. The Series D MRP Shares have a floating rate based on the three-month SOFR plus 2.00% and will pay dividends on a quarterly basis.

On June 12, 2025, the Board of Directors of the Fund authorized the renewal of the open market share repurchase program. Under the Fund’s current share repurchase program the Fund is authorized to purchase, on a discretionary basis through June 30, 2025, up to 5% of its outstanding common shares on the open market at a discount to NAV. Pursuant to the renewed share repurchase program, commencing July 1, 2025, the Fund may repurchase up to 5% of its outstanding common shares (based on common shares outstanding on June 30, 2025) on the open market at a discount to NAV through June 30, 2026. Under the program, the amount and timing of repurchases will be at the discretion of the Adviser and subject to market conditions and investment considerations.

RENEWAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the terms of the Fund’s investment advisory agreement must be reviewed and approved at least annually by the Board of Directors of the Fund (the “Board”), including a majority of the directors who are not “interested persons” of the Fund, as defined in section 2(a)(19) of the 1940 Act (the “Independent Directors”). Section 15(c) of the 1940 Act also requires the Fund’s directors to request and evaluate, and the Fund’s investment adviser to furnish, such information as may reasonably be necessary to evaluate the terms of the investment advisory agreement. To assist the Board with this responsibility, the Board has appointed a Contracts Committee, which is composed of the Independent Directors of the Fund and acts under a written charter that was most recently amended on December 17, 2015. A copy of the charter is available on the Fund’s website at www.dpimc.com/dpg and in print to any shareholder, upon request.

The Contracts Committee, assisted by the advice of independent legal counsel, conducted an annual review of the terms of the Fund’s contractual arrangements, including the investment advisory agreement with Duff & Phelps Investment Management Co. (the “Adviser”). Set forth below is a description of the Contracts Committee’s annual review of the Fund’s investment advisory agreement, which provided the material basis for the Board’s decision to continue the investment advisory agreement.

In the course of the Contracts Committee’s review, the members of the Contracts Committee considered all of the information they deemed appropriate, including informational materials furnished by the Adviser in response to requests made by independent counsel on behalf of the Contracts Committee. In arriving at its recommendation that continuation of the investment advisory agreement was in the best interests of the Fund and its shareholders, the Contracts Committee took into account all factors that it deemed relevant, without identifying any single factor or group of factors as all-important or controlling. Among the factors considered by the Contracts Committee, and the conclusion reached with respect to each, were the following:

Nature, extent, and quality of services. The Contracts Committee considered the nature, extent and quality of the services provided to the Fund by the Adviser. Among other materials, the Adviser furnished the Contracts Committee with a copy of its most recent investment adviser registration form (Form ADV). In evaluating the quality of the Adviser’s services, the Contracts Committee noted the various complexities involved in the operations of the Fund, such as the use of multiple forms of leverage (preferred stock and borrowings under a credit facility), and concluded that the Adviser is consistently providing high-quality services to the Fund in an increasingly complex environment. The Contracts Committee also considered the length of service of the individual professional employees of the Adviser who provide services to the Fund. In the Contracts Committee’s view, the long-term service of capable and conscientious professionals provides a significant benefit to the Fund and its shareholders. The Contracts Committee also considered the Fund’s investment performance as discussed below. The Contracts Committee also took into account its evaluation of the quality of the Adviser’s code of ethics and compliance program. The Contracts Committee also considered the consistent quality of the services being provided by the Adviser. In light of the foregoing, the Contracts Committee concluded that it was generally satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.

Investment performance of the Fund and the Adviser. The Contracts Committee reviewed the Fund’s investment performance over time and compared that performance to other funds in its peer group. In making its comparisons, the Contracts Committee utilized data provided by the Adviser and a report from Broadridge (“Broadridge”), an independent provider of investment company data. As reported by Broadridge, the Fund’s net asset value (“NAV”) total return ranked below the median among all leveraged closed-end equity funds categorized by Broadridge as utility funds for the 5-year period ended June 30, 2024 but above the median for the 1- and 3-year periods ended June 30, 2024. The Adviser provided the Contracts Committee with performance information for the Fund for the 1-, 3- and 5-year periods ended June 30, 2024, measured against two benchmarks: the Lipper Sector Peer Group Average (leveraged closed-end equity funds selected by Thomson Reuters Lipper) and a composite of the Alerian

U.S. Midstream Energy Index, the MSCI USA Utilities Index, MSCI ACWI ex-USA Utilities Index, the MSCI World Core Infrastructure Selected GICS Index, and the FTSE All World Telecommunications Index, weighted to reflect the Fund’s investments in the relevant sectors covered by those indices (the “Composite Benchmark”).¹ The Contracts Committee noted that, for the 5-year period ended June 30, 2024, the Fund’s NAV total return underperformed the Lipper Sector Peer Group Average while outperforming the average for the 1- and 3-year periods ended June 30, 2024. For the same period, the Contracts Committee also noted that the Fund’s market value total return outperformed the Lipper Sector Peer Group Average for the 1-year period and underperformed the Lipper Sector Peer Group Average for the 3- and 5-year periods. The Contracts Committee noted that, for the period ended June 30, 2024, both the Fund’s NAV total return and the Fund’s market value total return trailed the Composite Benchmark for the 1-, 3- and 5-year periods. In evaluating the performance of the Fund, the Committee took account of the fact that in November 2019, the Fund had changed its investment policies to allow greater investment in infrastructure companies and to allow a higher proportion of its investments to be in the United States, and that this policy change had necessitated a repositioning of the Fund’s portfolio, with a goal of providing more stable investment performance with less volatility over the long term. The Committee also considered that, as reported by the Adviser, the Fund’s market value total return performance for the 3-year period ended June 30, 2024 was negatively impacted following the June 15, 2023 announcement of the reduction in the Fund’s quarterly distribution rate from 35 cents per share to 21 cents per share.

The Contracts Committee noted that the Fund’s managed distribution plan, adopted in 2015, provides for the Fund to distribute all available investment income to shareholders and, if sufficient investment income is not available on a quarterly basis, to distribute long-term capital gains and/or return capital to its shareholders in order to maintain the 21 cent per share quarterly distribution level.

Costs of services and profits realized. The Contracts Committee considered the reasonableness of the compensation paid to the Adviser, in both absolute and comparative terms, and also the profits realized by the Adviser and its affiliates from its relationship with the Fund. To facilitate this analysis, the Contracts Committee retained Broadridge to furnish a report comparing the Fund’s management fee (defined as the sum of the advisory fee and administration fee) and other expenses to the similar expenses of other utility funds selected by Broadridge (the “Broadridge expense group”). The Contracts Committee reviewed, among other things, information provided by Broadridge comparing the Fund’s contractual management fee rate (at common asset levels) and actual management fee rate as a percentage of total assets and as a percentage of assets attributable to common stock to other funds in its Broadridge expense group. Based on the data provided on management fee rates, the Contracts Committee noted that: (i) the Fund’s contractual management fee rate at a common asset level was higher than the median of its Broadridge expense group; (ii) the actual total expense rate was higher than the median of its Broadridge expense group on the basis of assets attributable to common stock and on a total assets basis; and (iii) the actual management fee rate was higher than the median of its Broadridge expense group on the basis of assets attributable to common stock and on a total asset basis.

In reviewing expense ratio comparisons between the Fund and other funds in the peer group selected by Broadridge, the Contracts Committee considered leverage-related expenses separately from other expenses. The Contracts Committee noted that leverage-related expenses are not conducive to direct comparisons between funds, because the leverage-related expenses on a fund’s income statement are significantly affected by the amount, type and tenor of the leverage used by each fund, among other factors, and considered the Adviser’s report indicating that the tenor of the Fund’s leverage was the primary driver of the difference between the Fund’s investment-related expenses and those of other funds in the Broadridge peer group. Also, unlike all the other expenses of the Fund (and other funds) which are incurred in return for a service, leverage expenses are incurred in return for the receipt of additional capital that is then invested by the Fund (and other funds using leverage) in additional portfolio securities that produce revenue directly offsetting the leverage expenses. Accordingly, in evaluating the cost of the Fund’s leverage, the Contracts Committee considered the specific benefits to the Fund’s common shareholders of

maintaining such leverage, noting that the Fund’s management and the Board regularly monitor the amount, form, terms and risks of the Fund’s leverage.

The Adviser also furnished the Contracts Committee with copies of its financial statements, and the financial statements of its parent company, Virtus Investment Partners, Inc. The Adviser also provided information regarding the revenue and expenses related to its management of the Fund, and the methodology used by the Adviser in allocating such revenue and expenses among its various clients. In reviewing those financial statements and other materials, the Contracts Committee examined the profitability of the investment advisory agreement to the Adviser and determined that the profitability of that contract was reasonable in light of the services rendered to the Fund. The Contracts Committee considered that the Adviser must be able to compensate its employees at competitive levels in order to attract and retain high-quality personnel to provide high-quality service to the Fund. The Contracts Committee concluded that the investment advisory fee was the product of arm’s length bargaining and that it was fair and reasonable to the Fund.

Economies of scale. The Contracts Committee considered whether the Fund has appropriately benefited from any economies of scale. The Contracts Committee encouraged the Adviser to continue to work towards reducing costs by leveraging relationships with service providers across the complex of funds advised by the Adviser.

Comparison with other advisory contracts. The Contracts Committee also received comparative information from the Adviser with respect to its standard fee schedules for investment advisory clients other than the Fund. The Contracts Committee noted that, among all accounts managed by the Adviser, the Fund’s advisory fee rate is higher than the Adviser’s standard fee schedule. However, the Contracts Committee noted that the services provided by the Adviser to the Fund are significantly more extensive and demanding than the services provided by the Adviser to its non-investment company, institutional accounts. Specifically, in providing services to the Fund, the Contracts Committee considered that the Adviser needs to: (1) comply with the 1940 Act, the Sarbanes-Oxley Act and other federal securities laws and New York Stock Exchange requirements, (2) provide for and oversee external reporting (including semi-annual reports to shareholders, annual audited financial statements and disclosure of proxy voting), tax compliance and reporting (which are particularly complex for investment companies), requirements of Section 19 of the 1940 Act relating to the source of distributions, (3) prepare for and attend meetings of the Board and its committees, (4) communicate with Board and committee members between meetings, (5) communicate with a retail shareholder base consisting of thousands of investors and (6) respond to unanticipated issues in the financial markets or regulatory environment that can impact the Fund. Based on the fact that the Adviser only provides the foregoing services to its investment company clients and not to its institutional account clients, the Contracts Committee concluded that the management fees charged to the Fund are reasonable compared to those charged to other clients of the Adviser, when the nature and scope of the services provided to the Funds are taken into account. Furthermore, the Contracts Committee noted that many of the Adviser’s other clients would not be considered “like accounts” of the Fund because these accounts are not of similar size and do not have the same investment objectives as, or possess other characteristics similar to, the Fund.

Indirect benefits. The Contracts Committee considered possible sources of indirect benefits to the Adviser from its relationship to the Fund, including brokerage and soft dollar arrangements, and enhanced reputation that may aid in obtaining new clients. In this regard, the Contracts Committee noted that the Fund does not utilize affiliates of the Adviser for brokerage purposes, that the Adviser does not use third-party soft dollar arrangements and that the Adviser has continued to seek opportunities to reduce brokerage costs borne by the Fund.

Conclusion. Based upon its evaluation of all material factors, including the foregoing, and assisted by the advice of independent legal counsel, the Contracts Committee concluded that the continued retention of the Adviser as investment adviser to the Fund was in the best interests of the Fund and its shareholders. Accordingly, the Contracts Committee recommended to the full Board that the investment advisory agreement with the Adviser be continued for a one-year term ending March 1, 2026. On December 11, 2024, the Contracts Committee presented its

recommendations, and the criteria on which they were based, to the full Board, whereupon the Board, including all of the Independent Directors voting separately, accepted the Contracts Committee’s recommendations and unanimously approved the continuation of the current investment advisory agreement with the Adviser for a one-year term ending March 1, 2026.

¹For periods prior to November 1, 2020, the benchmark did not include the MSCI World Core Infrastructure Selected GICS Index.

INFORMATION ABOUT PROXY VOTING BY THE FUND (Unaudited)

The Fund’s Board of Directors has adopted proxy voting policies and procedures. These proxy voting policies and procedures may be changed at any time by the Fund’s Board of Directors. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling Fund Services toll-free at (866) 270-7598 or is available on the Fund’s website at www.dpimc.com/dpg or on the SEC’s website at www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available without charge, upon request, by calling Fund Services toll-free at (866) 270-7598 or is available on the Fund’s website at www.dpimc.com/dpg or on the SEC’s website at www.sec.gov.

INFORMATION ABOUT THE FUND’S PORTFOLIO HOLDINGS (Unaudited)

The Fund files its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters (January 31 and July 31) as an exhibit to Form NPORT-P. The Fund’s Form NPORT-P is available on the SEC’s website at www.sec.gov. In addition, the Fund’s schedule of portfolio holdings is available without charge, upon request, by calling the Administrator toll-free at (866) 270-7598 or is available on the Fund’s website at www.dpimc.com/dpg.

ADDITIONAL INFORMATION (Unaudited)

Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Fund may from time to time purchase its shares of common stock in the open market.

REPORT ON ANNUAL MEETING OF SHAREHOLDERS (Unaudited)

The Annual Meeting of Shareholders of the Fund was held on March 10, 2025. The following is a description of each matter voted upon at the meeting and the number of votes cast on each matter:

	Shares Voted For	Shares Withheld
1. Election of director*
Director elected by the holders of the Fund’s common and preferred stock to serve until the Annual Meeting in the year 2028 and until his successor is duly elected and qualified:
George R. Aylward	29,516,129	1,980,425
2. Election of director*
Director elected by the holders of the Fund’s preferred stock to serve until the Annual Meeting in the year 2028 and until his successor is duly elected and qualified:
Mark G. Kahrer	1,400,000	0
*Directors whose term of office continued beyond this meeting are as follows: Mareilé B. Cusack, Donald C. Burke and Eileen A. Moran (Chairperson).

THIS PAGE INTENTIONALLY LEFT BLANK.

Board of Directors

EILEEN A. MORAN
Chair

GEORGE R. AYLWARD

DONALD C. BURKE

MAREILÉ B. CUSACK

MARK G. KAHRER

Officers

DAVID D. GRUMHAUS, JR.
President and Chief Executive Officer

DANIEL J. PETRISKO, CFA
Executive Vice President and Assistant Secretary

ERIC J. ELVEKROG, CFA, CPA
Vice President and Chief Investment Officer

ALAN M. MEDER, CFA, CPA
Treasurer and Assistant Secretary

KATHLEEN L. HEGYI
Chief Compliance Officer

KATHRYN L. SANTORO
Vice President and Secretary

JENNIFER S. FROMM
Vice President and Assistant Secretary

W. PATRICK BRADLEY, CPA
Vice President and Assistant Treasurer

NIKITA K. THAKER, CPA
Vice President and Assistant Treasurer

TIMOTHY P. RIORDAN
Vice President

Duff & Phelps Utility
and Infrastructure Fund Inc.

Common stock listed on the New York
Stock Exchange under the symbol DPG

Shareholder inquiries please contact:
Fund Services at (866) 270-7598 or
Email at Duff@virtus.com

Investment Adviser
Duff & Phelps Investment Management Co.
10 South Wacker Drive, 19th Floor
Chicago, IL 60606
(312) 368-5510

Administrator
Virtus Fund Services, LLC
One Financial Plaza
Hartford, CT 06103

Transfer Agent and Dividend Disbursing Agent
Computershare
P.O. Box 43078
Providence, RI 02940-3078

Custodian
The Bank of New York Mellon

Legal Counsel
Mayer Brown LLP

Independent Registered Public Accounting Firm
Ernst & Young LLP

Item 1.

Reports to Stockholders (cont.).

(b)

Not applicable.

Item 2.

Code of Ethics.

Response not required for semi-annual report.

Item 3.

Audit Committee Financial Expert.

Response not required for semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Response not required for semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

(a)	Response not required for semi-annual report.

(b)	Not applicable.

Item 6.

Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

(b)	Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)	Not applicable for Closed-End Management Investment Companies.

(b)	Not applicable for Closed-End Management Investment Companies.

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable for Closed-End Management Investment Companies.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable for Closed-End Management Investment Companies.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable for Closed-End Management Investment Companies.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

The information required by this Item is included as part of the semi-annual report to shareholders filed under Item 1 of this Form N-CSRS.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Response not required for semi-annual report.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

(a) Response not required for semi-annual report.

(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

REGISTRANT PURCHASES OF EQUITY SECURITIES


Period	(a) Total Number of Shares) Purchased¹	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs¹	(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs¹
November 2024	174,540 shares	$	11.81	174,540 shares	869,392 shares
December 2024	42,776 shares	$	11.79	42,776 shares	826,616 shares
January 2025	10,400 shares	$	11.42	10,400 shares	816,216 shares
February 2025	19,894 shares	$	12.04	19,894 shares	796,322 shares
March 2025	175,466 shares	$	11.98	175,466 shares	620,856 shares
April 2025	173,066 shares	$	11.76	173,066 shares	447,790 shares
Total	596,142 shares	$	11.84	596,142 shares	447,790 shares

On June 17, 2024, the Fund’s Board of Directors approved the adoption of an open market share repurchase program. Commencing on that date, the Fund may repurchase through June 30, 2025, up to 5% of its common shares outstanding as of the close of business on that date (1,909,087 shares), subject to certain conditions.

Item 15.

Submission of Matters to a Vote of Security Holders.

No changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors have been implemented after the registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (i.e., in the registrant’s proxy statement dated January 24, 2025) or this Item.

Item 16.

Controls and Procedures.

(a)

The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act.

(b)

There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)

Not applicable.

(b)

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

Not Applicable.

Item 19. Exhibits.


(a)(1)		Not applicable.

(a)(2)		Not applicable.

(a)(3)		Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)		There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.


(a)(5)		There was no change in the Registrant’s independent public accountant during the period covered by the report.

(b)		Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(c)		Copies of the Registrant’s notices to shareholders pursuant to Rule 19a-1 under the 1940 Act which accompanied distributions paid during the six months ended April 30, 2025 pursuant to the Registrant’s Managed Distribution Plan are filed herewith as required by the terms of the Registrant’s exemptive order issued on August 26, 2008.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		Duff & Phelps Utility and Infrastructure Fund Inc.



By (Signature and Title)		/s/ David D. Grumhaus, Jr.
		David D. Grumhaus, Jr., President and Chief Executive Officer
		(Principal Executive Officer)



Date June 18, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ David D. Grumhaus, Jr.
		David D. Grumhaus, Jr., President and Chief Executive Officer
		(Principal Executive Officer)



Date June 18, 2025



By (Signature and Title)		/s/ Alan M. Meder
		Alan M. Meder, Treasurer and Assistant Secretary
		(Principal Financial Officer)



Date June 18, 2025

SEC Form N-CSRS filed by Duff & Phelps Utility and Infrastructure Fund Inc.